Vancouver council open to increasing slots, table games at existing casinos

Vancouver city council voted this week to allow for applications to increase the number of slot machines and tables at the city’s two casinos, on the condition they be accompanied by an assessment of their social and economic impacts.

The request to amend the city’s 2011 gambling moratorium was made by the B.C. Lottery Corp., which told council the city’s population has increased 22 per cent in the past decade and that the amendment is a first step to allow BCLC to look at ways of expanding its two existing facilities — the Parq casino in Yaletown and Hastings Racecourse in East Vancouver — rather than building more casinos.

Household Financial Health and Housing Market Trends

According to the March 2024 Edge Report, current trends in debt service ratios and net worth may indicate areas of concern. The prevalence of static payment variable rate mortgages, household debt-to-GDP ratios, and Canada’s heavy reliance on real estate assets, may raise concerns about resilience.

In Q4 of 2023, debt servicing costs stayed stable, with the household debt service ratio holding steady at 15%. This ratio, which reflects the portion of disposable income allocated to debt repayment, remains significantly high, at levels not seen since 1990. A minor adjustment downwards from the previously reported peak of 15.2% in Q3 should be noted, however.

Federal Budget 2024: What are the proposed capital gains tax changes and how might they affect me?

The capital gains tax inclusion rate – today and tomorrow

Today, only 50% of the capital gain is taxable (this is known as the capital gains tax inclusion rate). This means that $50,000 of the $100,000 earned from the sale of the cottage in our example is added as income for that tax year.

Here’s an example:

• Your regular income, earned from your full-time job, is $75,000

• You make a $100,000 profit from the sale of your cottage (after you pay real estate fees, closing costs, etc.)

• 50% of the profit is taxable, which means you add $50,000 to your income during the tax year in which you realized this capital gain

• $75,000 + $50,000 = a total income for that tax year of $125,000

The amount of tax you ultimately pay in that year will depend on your tax bracket and its marginal tax rate.

Underused Housing Tax not right for tourism economies

A Whistler realtor made the trek to Ottawa recently to formally request the Government of Canada consider an exemption for Whistler in the application of the federal Underused Housing Tax (UHT) on properties zoned for tourism accommodation.

Dave Brown, who was speaking on behalf of the Whistler Real Estate Co. and Tourism Whistler, said at the April 18 finance committee meeting in Ottawa the UHT is driving foreign investors away from Whistler—and the result is not more housing for locals, but less revenue for Whistler, the community, and Canada overall.

The UHT is designed to levy a tax on foreign property owners who do not make their property adequately available for housing. According to Brown, its application to parts of Whistler zoned for tourism accommodation means foreign owners who let their properties be used for tourism accommodation for most of the year may instead sell to Canadians for use as second homes, removing them from the tourist accommodation pool.

The two low-rise buildings, a high-rise tower planned for 2050-2070 Marine Drive in North Vancouver up for sale

One of the larger ongoing development projects on the North Shore is the subject of foreclosure proceedings as a result of a substantial amount of debt and has now been listed for sale, according to filings in the Supreme Court of British Columbia and a sales brochure.

The development was set for 2050-2070 Marine Drive and 2000 Curling Road in the District of North Vancouver, a few minutes east from the Capilano River and the border with the District of West Vancouver.

The site is formerly home to the Travelodge Hotel by Wyndham Vancouver Lions Gate and a Denny's diner. The Pho Japolo restaurant on the site remains open.

Vancouver considers more gambling at city's two casinos

The B.C. Lottery Corporation wants Vancouver to lift or amend its 13-year-old moratorium on the expansion of gambling in the city.

According to the city’s general manager of arts, culture and community services, Margaret Wittgens, there has been recent interest from the BCLC to expand gambling at the city’s two casinos — Parq and Hastings Racecourse.

“BCLC is seeking to expand gambling opportunities at the Parq and Hastings Racecourse casinos by potentially increasing the number of slot machines and table games,” Wittgens wrote in a report going to council’s committee on policy and strategic priorities on May 8.



The RE/MAX® brand delivers notable advantages – for agents with a RE/MAX brokerage

As the 2024 RE/MAX vs. The Industry report shows, RE/MAX agents are the most productive, meaning they close more transaction sides than other real estate agents, on average. In fact, RE/MAX agents closed an average of 11.8 transaction sides throughout 2023, nearly double that of the competition

But productivity isn’t the only place RE/MAX shines. The annual report, which ranks the results of national, full-service brokerage brands in the U.S., also highlights that the balloon-backed brand dominated in unaided brand awareness at 36.4%.